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    3424 Belmont Ave Chicago, IL 60618

    Sponsored
    For Sale
    $7,285,000

    High-yield Walgreens NNN lease.

    Property size:
    14,490 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    392
    This exceptional investment opportunity presents a fee-simple ownership of a 14,490 square-foot Walgreens located at 3424 W Belmont Ave, Chicago, IL 60618. The property boasts a strong 7.50% cap rate and a substantial net operating income (NOI) of $546,375. Secured by a corporate guarantee from Walgreens Boots Alliance (NASDAQ: WBA), this absolute NNN lease offers significant passive income with zero landlord responsibilities. The lease, originally commenced on October 18, 2009, has a remaining term of 10 years, extending to October 30, 2034. Situated on a 0.91-acre lot, this strategically located retail corner enjoys excellent visibility and accessibility, featuring a drive-thru pharmacy. Built in 2009, the property benefits from a dense urban population exceeding 1,000,000 residents within a 5-mile radius. The asking price is $7,285,000, translating to a price per square foot of $502.76. This is a truly exceptional opportunity to acquire a stable, high-performing asset in a prime Chicago location. The property is 100% occupied and offers a sleep-at-night investment with a blue-chip tenant. No rent bumps are included in the lease agreement.

    Property Features for 3424 Belmont Ave

    General Information

    Property type
    Individual retail properties
    Square Feet
    14,490 SF
    Lot Size
    39,640 SF

    Building Details

    Year Built
    2009
    Buildings
    1
    Units
    1

    HighLights

    • Fee‑simple ownership of a 14,490 SF Walgreens, located at 3424 W Belmont Ave, Chicago, IL 60618.
    • NNN lease with Walgreens Boots Alliance (WBA), a Fortune 500 company, providing a passive investment with no landlord responsibilities.
    • Excellent location in Chicago with high visibility and a drive‑thru, offering e‑commerce resistance.
    • Strong demographics: over 1,000,000 residents within a 5‑mile radius.
    • 7.50% cap rate, $546,375 NOI, and $7,285,000 asking price ($502.76/SF).
    Property Profile Location Intelligence

    Current Use by Public Records

    Walgreens Photo Passport Photo Processor Walgreens Pharmacy Pharmacy Caroline IEM, PharmD Pharmacy Redbox Movie Rental Kiosk Walgreens Cosmetics Store

    Suggested Use

    Law Firm Restaurant Realty agency Spa & Massage Dental Office Hair Salon Clothing Store Nail Salon Food Market Gym & Fitness

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Chicago
    County
    Cook
    State
    Illinois
    Longitude
    -87.71332697
    Latitude
    41.93966758

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    FAQs

    What type of property is this?
    Individual retail property - High-yield Walgreens NNN lease.
    Where is this individual retail property located?
    The property is located at 3424 Belmont Ave Chicago, IL.
    What is the asking price?
    The asking price for this property is $7,285,000.
    What are key features of this property?
    This property features: Fee-simple ownership of a 14,490 SF Walgreens, located at 3424 W Belmont Ave, Chicago, IL 60618.; NNN lease with Walgreens Boots Alliance (WBA), a Fortune 500 company, providing a passive investment with no landlord responsibilities.; Excellent location in Chicago with high visibility and a drive-thru, offering e-commerce resistance.
    Request Owner's contact information
    3424 Belmont Ave Chicago, IL 60618
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    Chicago, IL 60618
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    3424 Belmont Ave Chicago, IL 60618
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